6 Months To Go Until The Largest Tax Increase In History

Unless Congress and The President Act, in just six months, the largest tax hikes in American History will take effect.

They will hit families and small businesses in three great waves on January 1, 2011:

In 2001 and 2003, the GOP Congress enacted a package of tax cuts for investors, small business owners, and families. these tax cuts resulted in the Federal Government bringing more tax revenue than ever in our country's history and an unemployment rate of less than 5%

Those tax cuts will all expire on January 1, 2011. Members of Your Government Affairs Committee have traveleled to Washington year after year and asked for the tax cuts to be made permanant to no avail.

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent.

All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%

- The 25% bracket rises to 28%

- The 28% bracket rises to 31%

- The 33% bracket rises to 36%

- The 35% bracket rises to 39.6%

For a full listing of the Taxes that will rise on January 1st 2011 Click Here